A Star Investor's Tale of Risk, Ruin & Reinvention w/ Victor Haghani (RWH071)

In this episode, William Green speaks with Victor Haghani, founder & CIO of Elm Wealth & author of The Missing Billionaires: A Guide to Making Better Financial Decisions. Victor’s journey is among the most remarkable & instructive in modern investment history. As one of the founders of Long-Term Capital Management, he experienced dazzling success & devastating failure. Today, he oversees billions of dollars using a low-cost, diversified, index-driven strategy that reflects hard-won lessons about resilience, humility, simplicity & risk management. What you'll learn here: 00:00:00 - Intro 00:03:48 - How Victor Haghani’s tumultuous family history shaped him. 00:14:10 - What he learned as a star trader on Salomon’s famed arbitrage desk. 00:23:12 - How he honed his skills by playing high-stakes games of Liar’s Poker. 00:38:01 - How Long-Term Capital Management hit the jackpot—for a while. 00:49:17 - How Russia’s default in 1998 sparked a cascading disaster. 00:52:39 - Why he defends the fund’s enormous appetite for leverage & risk. 00:55:34 - What he views as the real lessons of the fund’s collapse. 01:02:13 - How the concept of expected utility can improve our financial decisions. 01:15:40 - Why he fell out of love with exotica like private equity & hedge funds. 01:17:43 - What troubles him about the traditional, static approach to indexing. 01:23:06 - Why he favors a “dynamic asset allocation” based on risks & rewards. 01:32:18 - How his firm’s current allocations reflect a wary view of US equities. 01:43:20 - What he’s learned about overcoming adversity & finding happiness. Transcript & Guest Info: https://www.theinvestorspodcast.com/richer-wiser-happier/risk-ruin-reinvention-resilience-w-victor-haghani/ 🤝Join a curated group of serious investors focused on intrinsic value, disciplined analysis, and uncovering high-quality stock ideas: https://www.theinvestorspodcast.com/mastermind/ 🤝 Join top investors for a day of actionable insights, live Q&A, and exclusive networking — More info at: https://www.theintrinsicvalueconference.com/ ▶️ Related Episodes: - A Gambler’s Guide To Investing & Life w/ Annie Duke: https://youtu.be/lIrAtIZcH5o - How to Find Hidden Investment Treasures w/ Christopher Begg: https://youtu.be/z2CBNU8fgv8 - Mohnish Pabrai: Berkshire, Big Mistakes & Letting Winners Run: https://youtu.be/IBzSnyJ9z9M 📖 Books Mentioned: - The Missing Billionaires by Victor Haghani & James White: https://amzn.to/4xwgWBx - Liar’s Poker by Michael Lewis: https://amzn.to/4xtySMZ - When Genius Failed by Roger Lowenstein: https://amzn.to/45ywJ6Z - Stumbling on Happiness by Daniel Gilbert: https://amzn.to/4wOZXuf - Man’s Search for Meaning by Viktor Frankl: https://amzn.to/4wOZKqX - Richer, Wiser, Happier by William Green: https://amzn.to/4bEWCFr Listen to our episodes here: https://open.spotify.com/show/28RHOkXkuHuotUrkCdvlOP Visit our website: https://www.theinvestorspodcast.com/the-investors-podcast-show/ Free PDF: Investing for Beginners: 4 Principles of Stock-Picking: https://www.theinvestorspodcast.com/subscribe-youtube/ ⚠️ Disclaimer: This show is for entertainment purposes only. Before making any decisions consult a professional. This show is copyrighted by The Investor's Podcast Network. Written permission must be granted before syndication or rebroadcasting. #VictorHaghani #TheMissingBillionaires #LongTermCapitalManagement #RiskManagement #Investing

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